President Biden fired back at a reporter on Monday after being asked about experts anticipating a recession, saying "don't make things up." "Economists are suggesting that a recession is more likely than ever," the reporter said to Biden on a Delaware beach.
He stated that he believes he would be able to cut the cost of insulin while raising taxes on people in the corporate area. He also stated that the United States has the opportunity to move to utilize electric cars and renewable energy.
Joe Biden Insists Inflation Is Not Inevitable
He stated that his team will meet with oil company CEOs this week to see how they justify generating $35 billion in the first quarter. Inflation climbed 8.6 percent in May, reaching a record 40-year high. On Sunday, the national average gallon price fell marginally, remaining below $5, Fox News reported.
Treasury Secretary Janet Yellen remarked on ABC's 'This Week' that a recession is not unavoidable while Energy Secretary Jennifer Granholm and National Economic Council Director Brian Deese agreed on other programs.
According to Granholm, one of the major reasons for inflation is the high cost of gasoline. She recognized that suspending the gas tax is an option, but it is a delicate matter. The Biden administration recognized earlier this month that it was incorrect to underestimate the prospect of growing inflation last year as the White House seeks to battle rising consumer costs, which have hindered Biden's presidency.
In March 2021, Yellen stated that inflation was merely a minor concern. She stated two months later that she did not expect inflation to be an issue. Biden had signed his $1.9 trillion COVID-19 bailout plan into law earlier that spring, giving a boost in expenditure that his critics blamed for increasing inflation, as per USA Today.
This time, Biden claimed a recession is not unavoidable and scoffed at Republican lawmakers' accusations that last year's COVID-19 assistance package was entirely to blame for inflation hitting a 40-year high, calling the idea absurd.
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Economists Warn of US Recession
He talked to the Associated Press only days after the Federal Reserve Board of Governors issued a 0.75 percent interest rate increase, amid a turbulent week on Wall Street and a correction that has erased gains made during his term.
Biden also addressed economists' predictions that the United States is on the verge of a recession. With the 3.6 percent unemployment rate and America's relative strength in the globe, the president sees grounds for hope.
He delivered the interview on the same day that he enacted new shipping regulations to assist deal with unprecedented pricing rises. That came after a letter to oil firms on Wednesday in which he stated that gas prices are higher than they were the last time oil prices were at this level, and his press secretary stated that it was their 'patriotic duty to create more product, according to Daily Mail.
Related Article : US Treasury Secretary Says No Economic Recession Despite Record Inflation and High Gas Prices Due To Oil Shortage
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